Green premium evidence from climatic areas: A case in Southern Europe, Alicante (Spain)
The existence of a green premium in house (asking) prices in Alicante province, Spain, are analyzed using circa 9000 property observations. In developing the sample, information from energy efficiency certificates was matched with two other databases. The model tests for green premium by climatic zo...
| Autores: | , , , |
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| Tipo de recurso: | artículo |
| Fecha de publicación: | 2019 |
| País: | España |
| Institución: | Consejo General de la Arquitectura Técnica de España (CGATE) |
| Repositorio: | RIARTE |
| OAI Identifier: | oai:www.riarte.es:20.500.12251/1570 |
| Acceso en línea: | http://hdl.handle.net/20.500.12251/1570 https://doi.org/10.3390/su11030686 |
| Access Level: | acceso abierto |
| Palabra clave: | Certificación energética Edificación residencial Consumo energético Precio de venta Emisiones de CO2 Financiación Análisis de mercado 3305.14 Viviendas 3305.90 Transmisión de Calor en la Edificación 5311.06 Estudio de Mercado |
| Sumario: | The existence of a green premium in house (asking) prices in Alicante province, Spain, are analyzed using circa 9000 property observations. In developing the sample, information from energy efficiency certificates was matched with two other databases. The model tests for green premium by climatic zones using pool Ordinary Least Squares (pool-OLS) and Instrumental Variables (IV) hedonic models, adds new knowledge concerning the existence of green premiums from Southern Europe, explores differences in their estimation by climatic zone, debates the nature of the estimated green parameters, and explains the role of endogeneity in hedonic green premium models. The empirical evidence assesses the sensitivity of asking price to either energy consumption (KWh) or carbon dioxide emissions (CO 2 ) with an apparent premium of 3%, and captures an association with efficiency rating from G to F of 1.8% and from F to E of 1.1%. Significantly, the results relating to price responses show a distinct variation between the coast and the cooler climatic zone of the interior. The paper shows that energy efficiency incentive policies should discriminate by climatic areas, and provides a price reference by which to assess the amount of incentives needed to achieve European Union (EU) objectives. © 2019 by the authors. |
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